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The period of January to September 2023 witnessed the entry of approximately 35 major retail brands into 14 Tier-II cities, as highlighted by CBRE South Asia Pvt. Ltd's report. These cities, including Chandigarh, Jaipur, Indore, Goa, Mangalore, Kochi, Lucknow, Patna, Ranchi, Guwahati, Bhubaneshwar, Vizag, Mysore, and Coimbatore, attracted domestic and international brands such as Croma, Armani Exchange, Malabar Gold & Diamonds, Reliance Smart, Tanishq, H&M, Marks & Spencer, GAP, Starbucks, Pizza Express, and Under Armour. The retail stock in these cities totalled 29 million sq. ft. as of September 2023, with notable contributions from Jaipur, Lucknow, and Chandigarh.
In terms of retail development, the cities witnessed a healthy mix of high streets and malls, totalling approximately 2.4 million sq. ft. recorded during July to September 2023. Key contributors to supply addition included Chandigarh, Jaipur, and Lucknow. The absorption across these cities during the same period reached 2.4 million sq. ft., led by Kochi, Jaipur, and Goa.
Chandigarh has evolved into a prominent retail market, boasting an affluent consumer base, well-planned infrastructure, economic growth, and tourism. With key micro-markets in locations such as Sector 17 and 35 – Madhya Marg, Phase 3B - 2, Sector 82, Sector 70, Phase -7 in Mohali, and others, Chandigarh continues to attract brands like Zara, Uniqlo, Lifestyle, Shoppers Stop, Marks & Spencer, and many more.
Jaipur, being a prominent business hub with lower operating costs and proximity to Delhi-NCR, experienced retail space absorption of nearly 0.5 million sq. ft. and supply of around 0.3 million sq. ft. Key retail micro-markets in Jaipur include Malviya Nagar, C-Scheme, M.I. Road, and Vaishali Nagar, hosting brands like Zara, Lifestyle, Shoppers Stop, Starbucks, Mango, and others.
Lucknow's retail real estate market witnessed robust growth driven by factors such as rapid urbanization, a growing middle class, and increased consumer spending. Retail space absorption during January to September 2023 reached around 0.05 million sq. ft., with supply standing at approximately 0.2 million sq. ft. Key retail micro-markets in Lucknow include Gomti Nagar, Hazratganj, Ashiyana & Alambagh, and Aliganj, featuring brands like Lifestyle, Westside, Marks & Spencer, Max, Pantaloons, and more.
Indore, located in the heart of Madhya Pradesh, serves as a prominent commercial and financial hub. The city's burgeoning economy, driven by a growing population and rising incomes, resulted in retail space absorption of around 0.3 million sq. ft. and supply of less than 0.1 million sq. ft. Key retail micro-markets include AB Road, Central Indore, Sapna Sangeeta, and East Indore, featuring brands like Westside, Pantaloons, BlueStone, Tanishq, Starbucks, and others.
Goa, renowned for its tourist appeal, attracted retail businesses due to a steady influx of customers year-round. Retail space absorption in Goa during January to September 2023 reached approximately 0.4 million sq. ft., with supply standing at around 0.3 million sq. ft. Key retail micro-markets include Panjim, Margao, and Mall De Goa, hosting brands like Levi's, Puma, Adidas, Skechers, Nike, and more. Upcoming supply in Goa includes the DLF Mall in Panjim.
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